Cafe Rouge owner reports £60m loss as sector struggles

About 11 Months, 1 Week, 4 Days, 21 Hours, 53 Minutes ago.

The owner of High Street food chains Cafe Rouge and Bella Italia has posted a sharp increase in losses, as the UK restaurant sector comes under pressure.
Casual Dining Group said losses to May 2017 increased 18% to £60m, despite a 2.2% rise in like-for-like sales.
It said it had faced challenging conditions "due to consumer confidence levels and the broader impact on discretionary spending".
The firm also said it had seen a "significant" rise in costs.
These cost increases included:

The introduction of the National Living Wage and associated increases to it and the National Minimum Wage

The introduction of the Apprenticeship Levy and increased Employer's Pension Contributions

Food and drink cost inflation driven by the devaluation of the pound

Revaluation of business rates and rent increases, particularly in central London

The £60m loss included an exceptional cost of £24.4m related to additional financing arranged during the financial year.
Total sales for the year were £329m, up 10% due to new site openings and sales growth from existing sites.
http://www.bbc.co.uk/news/business-43371491